Share this article
The OMG Network token crashed 25% following Boba Network’s announcement that it had taken its airdrop snapshot.
OMG Holders Dump Tokens
Airdrop euphoria has backfired for OMG token holders.
Boba Network announced that it had taken the planned OMG token holder snapshot Thursday night, qualifying everyone holding OMG tokens for an airdrop of BOBA governance tokens on Nov. 19.
However, it appears that many were holding OMG tokens solely to qualify for the airdrop, leading to a substantial sell-off after the snapshot was taken. Minutes after the Boba Network tweeted that it had taken the snapshot, the OMG token plummeted 25%.
OMG/USD chart. Source: CoinGecko
Boba Network is an Ethereum Layer 2 solution created by Enya in collaboration with OMG Network. The network uses Optimistic Rollups to reduce gas fees while maintaining Ethereum’s security and decentralization.
In September, the Boba network announced that it would be decentralizing by airdropping BOBA governance tokens to all users who had transferred OMG tokens to Boba Network using its dedicated bridge or were holding OMG tokens in a non-custodial wallet or through certain centralized exchanges. At the time of the announcement, the exact date for the airdrop snapshot was not revealed, only that it would take place in the near future. As Boba Network announced its airdrop ahead of time, it incentivized holding OMG tokens to qualify for the BOBA allocation.
Over the past year, several major projects have airdropped tokens to early users. In August, trading platform dYdX announced an airdrop to all addresses that had used the protocol before a predetermined date. More recently, Ethereum Name Service airdropped its governance tokens to those who had registered a “.eth” domain name through the application. Users who held onto their ENS saw their holdings jump in value as the token rallied above $80; it’s since cooled off, with ENS trading at $54 at press time.
Disclosure: A the time of writing this feature, the author owned, BTC, ETH, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Ethereum Name Service Market Cap Tops $570M Following Airdrop
Dedicated Ethereum users were rewarded with another airdrop courtesy of Ethereum Name Service yesterday. ENS tokens are currently trading at just below $50 today following an overnight rally. Ethereum Name…
A Guide to Yield Farming, Staking, and Liquidity Mining
Yield farming is arguably the most popular way to earn a return on crypto assets. Essentially, you can earn passive income by depositing crypto into a liquidity pool. You can think of these liquidity…
dYdX Airdrops New Governance Token to 64,000 Users
The popular on-chain trading platform has finally released its governance token. The protocol is rewarding past users with an airdrop of the token DYDX. Rewarding dYdX Users dYdX is one…
Ethereum Layer 2 Solution Boba Network Plans Airdrop
Boba Network, a new Layer 2 solution created by Enya in collaboration with OMG Network, is launching a token. Boba Network Rewards OMG Holders Boba Network will distribute a new…